绿色信贷对企业绿色技术创新的影响研究

This paper systematically reviews existing literature on the relationship between green credit and corporate green technology innovation, and deeply analyzes the current state and development trends of China's green credit system and corporate green technology innovation.Using data from Shanghai and Shenzhen A-share listed companies from 2011 to 2022, this study conducts empirical analysis using a panel data model.From the dual perspectives of corporate financing costs and risk-taking capacity, this paper employs a mediation effect model to explore the underlying mechanisms and further examines heterogeneous effects under different contexts, aiming to comprehensively reveal the impact pathways of green credit policies on corporate green technology innovation.The main conclusions are as follows: (1) The empirical results 【作者简介】郭雨楠，女，澳门城市大学商学院，硕士研究生。 《澳门管理科学》•工商管理 2026 年第 1 期 -131 -show that green credit significantly promotes corporate green technology innovation activities, and this conclusion remains robust after addressing endogeneity issues and replacing key variables.(2) Green credit increases corporate financing costs, thereby inhibiting corporate green technology innovation.(3) Green credit enhances corporate risk-taking capacity, thereby promoting corporate green technology innovation.(4) From the perspective of innovation quality, compared with invention patents, green credit demonstrates a stronger promoting effect on utility model patents, which yield more significant economic benefits.(5) Heterogeneity analysis indicates that non-heavy-polluting industries respond more sensitively to green credit, with more pronounced effects.